The development of automotive electronics has augmented safety and comfort of driving and also endeavors to proffer excellent infotainment choices to the consumers. Industry of automotive electronics offers quality, flawless configuration, feel and ergonomics. Regions that originated under automotive cockpit electronics ambit include telematics, navigation, displays, and infotainment. Being an extensive market, cockpit electronics a high rate of development is seen as of late. This robust development pattern concerning the market for car cockpit electronics is expected to continue in the years to come.
A recently published analysis report on the global automotive cockpit electronics market by Persistence Market Research, titled “Global Market Study on Automotive Cockpit Electronics: Infotainment and Navigation Segment to Witness Highest Growth by 2020,” illustrates that the global market for automotive cockpit electronics market in the year 2013 accounted for US$ 31.1 billion and is predicted to expand at a healthy CAGR of 12.0% in the forecast period from 2014 to 2020, to reach an expected value worth US$ 61.5 billion in the year 2020. The report takes into description of various recent developments influencing the market growth of automotive cockpit electronics globally.
As the automotive electronics field is evolving swiftly and the key aspect of it is the rapid analog to digital transformation. And from this evolution, the segment of infotainment as well as navigation have earned a lot and as a result making them the fastest developing segments in the global market for automotive cockpit electronics by the year 2020. In order to analyze the growth in market demand for automotive cockpit electronics, the report has segmented the global market into product type which is further segmented as audio & connectivity and infotainment & navigation.
Key market drivers impacting the market growth of the automotive cockpit electronics globally include awareness of technological advancement among consumers, mandatory features for vehicle safety, increasing consumer expenditure for an enhanced experience of driving, and the frequent road accidents. Also, technological advancements have given rise to market competition which in turn has led leading companies to invest heavily in R&D activities. However, complex hardware as well as software designs along with heavy expenditure on manufacturing are impeding the market for automotive cockpit electronics globally.
Some global leaders in automotive cockpit electronics industry such as DENSO CORPORATION, Harman International Industries, Clarion Company, Delphi Automotive Plc., Garmin, Continental AG, Visteon Corporation, Alpine Electronics, Panasonic Corporation, Robert Bosch GmbH, among others making new investments to improve their technology in order to retain their competitiveness in the industry.
A regional overview of the global market for automotive cockpit electronics mentioned in the report has classified the growth of the market into North America, APAC, Europe and rest of the world. Among these regions, Eastern Europe and Arab countries has seen a considerable rise in passenger car ownership. And Germany is the largest producer of commercial vehicles while Brazil is the sixth largest producer of automobile worldwide. Moreover, certain developing countries have recorded highest growth in the global market for automotive cockpit electronics.
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